published to June 9, 2016
I have Marketplace health insurance and A recent change in income or householdshould report major life changes as soon as possible.
Major changes in your life, such as income increases or decreases, household membership increases or decreases, or other health insurance enrollments, can affect your eligible health insurance and savings.
Not reporting changes could put you in more or less debt when you file your next federal tax return. can be avoided.
Why you should report changes to the Marketplace
- Potentially save more than you are now Decrease in income, increase in family size. This will help keep your monthly premiums down.You can also qualify Medicaid or CHIP coverage By not reporting changes, you may continue to pay more for your Marketplace plan than you should.
- You may have less savings than you do now If your income increases or you lose a household member. If you don’t report the change in your income, you may have to return the money when you file your federal tax return for the year.
Want to know better how your savings are changing? Use this tool from the IRS to Estimate how your premium tax credit will change If your income or family composition changes.